Godrej Properties rises 2% as Deutsche Bank sees 49% upside

Deutsche said the impact of joint venture with Hero Cycles on near-term financials would be limited.

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Godrej Properties shares gained 2.5 percent intraday Tuesday as global investment firm Deutsche Bank remained bullish on the stock. It is in addition to 3 percent rally seen in previous session.

The research firm has a buy call on the Mumbai-based real estate developer with a target price at Rs 1,000, implying a massive 49 percent potential upside.

Deutsche said the impact of joint venture with Hero Cycles on near-term financials would be limited.

On Monday, Godrej Fund Management, the real estate private equity arm of the Godrej Group, and Godrej Properties entered into a joint venture with Hero Cycles for their Golf Course Road property in Gurgaon.

The joint venture will develop, lease, and manage around 1 million square feet of prime office and retail space on the 4-acre property.

At 11:27 hours IST, the stock was quoting at Rs 680.10, up Rs 8.75, or 1.30 percent on the BSE.

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